[Closing Short Leg of SPY Spread]
Dear Member:
The S&P 500 has bounced this morning and I can take some profit by closing the short leg of my diagonalized calendar spread on SPY. I own the Dec 140 calls and have for quite a long time, and am short the Jun Q2 145 calls (JBQFO) that I sold for 36 cents. I am now placing an order to buy to close the Jun Q2 145 calls (JBGFO) at a limit of $0.16. If filled, that leg will have realized a 20 cent a share profit before the small commission in just a week.
DISCLOSURE: I currently hold the positions set forth in the body of the alert.
Sincerely,
Bill Kraft
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